Newsbytes: Elon Musk’s SolarCity Crashes

SolarCity is struggling. Tesla is struggling. Elon Musk is not the King Midas of making companies perfect. Musk’s magic can’t do everything anymore. –Ryan McQueeney, Nasdaq, 10 May 2016

Shares of SolarCity nose-dived on Tuesday after disclosing earnings results that cast gloom over the provider of solar systems. The big problems for the solar company: The quarterly report disclosed a loss that was bigger than expected, and management followed that up with a dismal outlook for future results. So far in 2016, SolarCity shares have plummeted 65 percent. –George Avalon, Silicon Beat, 10 May 2016

The real problem with Tesla cars is that no one actually buys them. Well, not directly. Their manufacture is heavily subsidized — and their sale is heavily subsidized. Tesla does not make money by selling cars, either. It makes money by selling “carbon credits” to real car companies…